Diminished Value State Laws
You can recover your car’s diminished value by filing a diminished value claim. However, the procedures, laws, and regulations can vary between states. Let’s take a closer look at the essential aspects to remember when filing a diminished value claim in Maryland, DC, Virginia, Pennsylvania, Delaware, and North Carolina.
Maryland Diminished Value Claims
Maryland has a statute of limitation of up to 3 years from the date of loss and allows third-party diminished value claims. However, most policies tend to exclude first-party diminished value claims. The minimum limit for property damage is up to $15,000 in coverage.
Furthermore, the state has a comprehensive policy regarding underinsured motorist coverage for diminished value, where the coverage is mandatory with a $250 deductible. This includes comprehensive coverage for hit-and-run drivers, uninsured motorists, and instances when the responsible insurer denies the claim due to non-permissive use.
The process of filing a claim in Maryland can be overwhelming, and you should look for an independent auto appraiser, such as Jared’s Auto Appraisals, that will provide you with a diminished value appraisal that substantiates your claim.
Virginia Diminished Value Claims
Virginia has a statute of limitations of 5 years from the date of loss, and similar to Maryland, it also allows third-party diminished values. Insurers in the state will also generally exclude first-party diminished value claims. The minimum limit for property damage is up to $20,000 in coverage.
When talking about uninsured motorist coverage, up to a $20,000 limit is required with a $200 deductible, including coverage for hit-and-run drivers. Appeals are generally permitted in small claims court, and a $5000 court limit is set. In addition, attorney representation isn’t allowed.
When speaking about diminished value law, the Virginia Code 46.2-1600 says, “Diminished value is The amount of compensation an insurer pays to a vehicle owner, separate to the cost of repairs, for the reduced value of the vehicle due to the accident.”
The best way to file a claim and prove your eligibility for a diminished value claim is to speak to experienced appraisers such as Jared’s Auto Appraisal, get a comprehensive appraisal report, and submit it to the insurance company to ensure a stress-free claims process.
DC Diminished Value Claims
Like Maryland, DC also has a statute of limitations of up to 3 years, allowing third-party diminished claims, and insurers generally don’t provide first-party claims. The minimum limit for property damage is up to $10,000 in coverage.
Coverage of $5000 is required for underinsured motorist coverage for diminished value, and the court limit is set to $10,000. Appeals are allowed, and attorney representation can also be used. While there isn’t any reported case law regarding the diminished value, you can still expect to be compensated for diminished value if the accident wasn’t your fault.
Pennsylvania Diminished Value Claims
Pennsylvania also allows drivers to file a diminished value claim. The statute of limitations is two years, with up to $5,000 as a minimum property damage limit. Third-party claims are allowed, while insurers generally exclude first-party claims. The court limit is $12,000, and appeals and attorney representation are allowed.
Hire licensed, qualified and independent appraisers, such as the ones at Jared’s Auto Appraisals, who can help you with all your diminished claim needs. We will provide you with a robust assessment and appraisal report that is generally accepted by leading insurers in Pennsylvania. It will help speed up the process!
Delaware Diminished Value Claims
Delaware has a comprehensive diminished value policy with a statute of limitations of 2 years and $10,000 as a minimum property damage limit. Third-party claims are allowed, while first-party claims are generally excluded by insurers. The court limit is $15,000, and appeals and attorney representation are allowed. UMPD is optional and also includes coverage for hit-and-run drivers.
If you want to file a diminished value claim in Delaware, it is important to engage with a reliable professional such as Jared’s Auto Appraisals, who can provide a seamless assessment and subsequent diminished value report that leads to a swift, speedy, and accurate claim settlement.
North Carolina Diminished Value Claims
Like DC, North Carolina also has a statute of limitations of up to 3 years, allowing third-party diminished claims, and insurers generally don’t provide first-party claims. In addition, the minimum limit for property damage is up to $25,000 in coverage.
UMPD is also required with coverage of up to $25,000. Moreover, the uninsured driver must also be identified to process the claims. The court limit is set to $10,000, allowing appeals and attorney representation. NC is among the best states for recovering diminished value due to favorable laws and third-party appraisal clauses. Get in touch with Jared’s Auto Appraisals for help in filing a swift claim!